Senate Bill 3122

AN ACT TO AMEND SECTION 65-4-25, MISSISSIPPI CODE OF 1972, AS AMEND BY HOUSE BILL NO. 1506, 2006 REGULAR SESSION, TO INCREASE BY $22,000,000.00 THE AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE ECONOMIC DEVELOPMENT HIGHWAY ACT; TO PROVIDE THAT IF MONEY FROM THE ECONOMIC DEVELOPMENT HIGHWAY FUND IS UTILIZED TO PAY THE COST OF IMPROVEMENTS TO MISSISSIPPI HIGHWAY 611 IN JACKSON COUNTY, MISSISSIPPI, AND THE APPROACHES TO SUCH HIGHWAY, ANY FEDERAL FUNDS RECEIVED BY THE MISSISSIPPI DEPARTMENT OF TRANSPORTATION FOR THE IMPROVEMENTS THAT WERE MADE TO MISSISSIPPI HIGHWAY 611 AND THE APPROACHES THERETO, SHALL BE DEPOSITED INTO THE FUND IN AN AMOUNT NOT TO EXCEED THE AMOUNT OF MONEY FROM THE FUND THAT WAS UTILIZED TO PAY THE COST OF SUCH IMPROVEMENTS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 65-4-25, Mississippi Code of 1972, as amended by House Bill No. 1506, 2006 Regular Session, is amended as follows:

65-4-25. The Mississippi Development Authority, acting through its executive director, is authorized, at one time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Economic Development Highway Fund established in Section 65-4-15, Mississippi Code of 1972. Upon the adoption of a resolution by the Executive Director of the Mississippi Development Authority, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, the executive director shall deliver a certified copy of his resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The principal amount of bonds issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, shall not exceed Two Hundred Eleven Million Five Hundred Thousand Dollars ($211,500,000.00) in the aggregate. However, an additional amount of bonds may be issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, in an amount not to exceed Seven Million Dollars ($7,000,000.00), and the proceeds of any such additional bonds issued shall be used to provide funding for a high economic benefit project as defined in Section 65-4-5(1)(c)(vi), Mississippi Code of 1972.

SECTION 2. If money from the Economic Development Highway Fund ("Fund") is utilized to pay the cost of improvements to Mississippi Highway 611 in Jackson County, Mississippi, and the approaches to such highway, any federal funds received by the Mississippi Department of Transportation for the improvements that were made to Mississippi Highway 611 and the approaches thereto, shall be deposited into the Fund in an amount not to exceed the amount of money from the Fund that was utilized to pay the cost of improvements to Highway 611 and the approaches thereto.

SECTION 3. This act shall take effect and be in force from and after July 1, 2006.